Waiting for the fog to clear

The Italian structured products market has undergone a series of transformations over the past two years, driven by the declaration of various regulatory interests as well as the pure economics of issuance. As the market settles, the latest bout of volatility has turned the mix from growth to income products. Richard Jory reports

While other markets in Europe have registered steady, or even spectacular increases in structured products issuance, Italy has been bogged down in a series of regulatory quagmires that have led to a fall in volumes.

The signs for this year are more promising for bank issuance, certainly now that the Bank of Italy has relaxed its requirements. They are less positive for the issuance of insurance products, however, particularly now that the local financial regulator Commissione Nazionale per le